Kep­pel Land to di­vest en­tire stake in Se­dona Ho­tel Man­dalay

Mizzima Business Weekly - - BUSINESS ALERTS -

Kep­pel Land will sell its en­tire stake in Se­dona Ho­tel Man­dalay, re­ported the Busi­ness Times.

“Kep­pel Land has en­tered into a con­di­tional sales and pur­chase agree­ment to di­vest its en­tire stake in Wise­land In­vest­ment (Myan­mar), which owns Se­dona Ho­tel Man­dalay, to Eden Ho­tels and Re­sort Co for US$41 mil­lion,” re­ported the news agency.

The divest­ment, which comes closely af­ter Kep­pel Land’s in­vest­ment in Junc­tion City Phase Two in Yangon, is in line with the com­pany’s strat­egy to re­cy­cle cap­i­tal for higher re­turns, the news agency re­ported cit­ing the com­pany’s re­lease to the Sin­ga­pore Ex­change.

“The divest­ment will un­lock value in Se­dona Ho­tel Man­dalay for Kep­pel Land and en­able us to pur­sue other op­por­tu­ni­ties in Myan­mar, with a fo­cus on Yangon,” Ng Ooi Hooi, the pres­i­dent (Re­gional in­vest­ments) of Kep­pel Land was quoted by the news agency as say­ing.

The 250-room Se­dona Ho­tel Man­dalay was launched in 1997.

Kep­pel Land made its first foray into Myan­mar in 1993 when it broke ground for Se­dona Ho­tel Yangon, be­fore break­ing ground for its sec­ond Se­dona ho­tel in Man­dalay a year later, said the news agency.

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